MTN Group - Betting On More Downside
Dear Trader
This afternoon MTN Group is showing signs of a potential pullback in price following the bounce from just below the R70 level over the last ten trading days. As per the intraday chart, the price is looking to roll over, while the daily chart below sees the price at the prior breakdown level and testing the rising incline support. Fundamentally, there is still uncertainty around the claim via the Nigerian Central Bank and the risk of further sanctions against Iran still loom - an area in which MTN operates.
Based on this, the I see an opportunity for traders to short/sell the share on a break below the incline at approximately R85.40. Alternatively, aggressive traders could enter at current levels.
Trade Levels:
Short/Sell MTN at current levels R85.55
Stop-loss: R88.90
Take Profit Target: R80.00
This afternoon MTN Group is showing signs of a potential pullback in price following the bounce from just below the R70 level over the last ten trading days. As per the intraday chart, the price is looking to roll over, while the daily chart below sees the price at the prior breakdown level and testing the rising incline support. Fundamentally, there is still uncertainty around the claim via the Nigerian Central Bank and the risk of further sanctions against Iran still loom - an area in which MTN operates.
Based on this, the I see an opportunity for traders to short/sell the share on a break below the incline at approximately R85.40. Alternatively, aggressive traders could enter at current levels.
Trade Levels:
Short/Sell MTN at current levels R85.55
Stop-loss: R88.90
Take Profit Target: R80.00
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